``Oilmeal prices are likely to remain low on excess supply from Argentina and the United States, which have had a bumper soyabean crop this year,'' Soyabean Processors Association chairman Harsh Maheswari told PTI.

The low prices would prove to be a major inhibitive factor in promoting soymeal exports, he said, adding it was one of the reasons for the industry to look inwards to promote domestic consumption.

Though soymeal exports increased to 31 lakh tonnes in 1998-99 from 28 lakh tonnes in 1997-98, earnings dropped sharply to Rs 1,900 crore during the last fiscal compared to Rs 2,500 crore the year before.

``Soymeal prices dropped sharply to 140 US dollars a tonne in 1998-99 from 250 dollars a tonne in 1997-98.